Rhode Island’s House and Senate finance committees are scheduled to meet at 5 p.m. Thursday to consider an amended version of pension-overhaul legislation on the heels of a report that pegs the state’s unfunded pension liability at nearly twice what state officials have estimated.
The two committees on Wednesday amended changes to the Rhode Island Retirement Security Act, proposed by Gov. Lincoln Chafee and General Treasurer Gina Raimondo. According to the Providence Journal, the revisions would shorten the waiting period for a pension increase, which under the original bill could be up to 19 years. The changes would also provide retirees with cost-of-living increases, or COLAs, every five years, but limit those increases, House fiscal adviser Sharon Reynolds Ferland told the newspaper.